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Thursday, 23 September 21
RECORD-HIGH GAS PRICES AFFECT MANY EUROPEAN CORPORATE SECTORS - FITCH RATINGS
 Record-high natural gas prices are putting pressure on supply chains of many European corporate sectors, including non-integrated energy suppliers, fertiliser producers and consumer goods companies, Fitch Ratings says. Smaller companies in these industries are under the most pressure, while larger and more diversified issuers rated by Fitch are better positioned to mitigate the impact. Gas prices could remain high until the end of the winter heating season, given low levels of natural gas in European storage facilities. However, we expect prices to moderate once seasonal demand reduces.
High gas prices and working capital fluctuations have already caused several non-integrated UK gas suppliers (not rated by Fitch) to ask for state support in fulfilling their supply obligations to customers.
The Spanish government has introduced a levy on low-carbon power producers to support smaller suppliers.
Supply is typically a small part of larger Fitch-rated integrated utilities in Europe, which are able to pass costs on to most customer groups, or hedge. Although we expect higher gas prices to increase regulatory risks, the rated utilities’ diversification by jurisdiction and business line, including electricity production and distribution networks, cushions the impact. The unfolding situation in the European gas market may further accelerate the energy transition in the utility sector towards renewables.
Fertiliser producers have been severely affected by rising gas prices. Gas is a key input in ammonia production, which is further used in urea and DAP production. Several ammonia plants in Europe have cut their output or have temporarily shut down operations. Larger Fitch-rated fertiliser producers with a global presence are able to continue production in other regions or source ammonia from third parties, limiting the impact. Producers may also seek to increase fertiliser prices to pass costs onto consumers.
Agriculture and food producers are affected by challenges in the fertiliser sector. Agribusinesses may face shortages in fertiliser supplies and increased prices, most likely increasing their costs in the next season’s harvest. However, meat processors and carbonated drinks manufacturers, particularly in the UK, already face disruptions due to CO2 shortages, which is a by-product of ammonia manufacturing and is used in meat and fizzy drinks production. Geographically diversified food and beverages producers are better positioned to mitigate such shortages.
The record-high prices in Europe are driven by increased demand (due to the wider economic recovery and weather-related factors), competition with Asia for LNG, and a limited supply response from Gazprom, Europe’s largest supplier, providing about a third of Europe’s gas. Prices have also risen due to market fears of a gas deficit during the winter heating season due to low European storage utilisation compared to previous years.
Utilisation at Gazprom-linked storage facilities (around 10% of European capacity) is particularly low, affecting average utilisation rates in Austria, Germany and the Netherlands. Furthermore, unlike September in recent years, Gazprom has not offered any meaningful volumes for delivery this or next year via its electronic sales platform (a sales channel for short-term gas deliveries, used in addition to sales under long-term contracts). Gazprom’s total exports should increase in 2021 but this is unlikely to be sufficient to re-balance the market. Starting the new Nord Stream 2 pipeline, which is facing difficulties in obtaining necessary approvals from regulators in Europe, may affect the availability of additional gas volumes.
We have recently increased our short-term gas price assumptions. However, we expect a normalisation of demand and potential additional supplies to result in a return to mid-cycle pricing from 2023.
Source: Fitch Ratings
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Tuesday, 01 June 21
BUMA PRODUCED 11.4 MILLION TONNES OF COAL IN 4Q 2020, 5% LOWER COMPARED TO 12.2 MILLION TONNES IN 4Q 2019
PT Delta Dunia Makmur Tbk. presents its newsletter with consolidated financial and operating results that include its primary and wholly-owne ...
Sunday, 30 May 21
PAKISTAN IS PLANNING TO END COAL IMPORTS, WORSENING OUTLOOK FOR SOUTH AFRICAN COAL - IEEFA
The growing and irreversible risks being faced by South African coal exporters
As Thungela Resources’ CEO attempts to talk up ...
Sunday, 30 May 21
G7 COAL FINANCE EXIT AND WHY IT MATTERS FOR INDIA - IEEFA
While India doesn’t rely on export credit finance to fund new coal plants, there are material implications
The commitment by the Group o ...
Saturday, 29 May 21
SKULD’S IMO 2020 SULPHUR CAP EXPERIENCE
More than a year has passed since the International Maritime Organization (IMO) mandate for the 0.50% sulphur cap for marine fuel (MARPOL Annex VI) ...
Thursday, 27 May 21
KOMIPO INVITED BIDS FOR 1.56 MILLION TONS OF BITUMINOUS COAL
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
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- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
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